ActivumSG Capital Management has bought Formart, the second-largest housing developer in Germany, from construction group Hochtief for a price just above the book value.
ActivumSG Capital Management has bought Formart, the second-largest housing developer in Germany, from construction group Hochtief for a price just above the book value.
The purchase was made through Jersey-based Activum Fund III for a price believed to be in the order of several hundred million euros. The disposal fits in with Hochtief's strategy to focus on its core activities of construction and engineering.
Post-acquisition, Formart will remain an independent organisation led by the current management.
Saul Goldstein, founder Activum, said, ‘The management of Formart has done an excellent job in building out the platform into what is now a portfolio of high quality residential assets that complement our own investment portfolio.’